As you can see in our chart, we expect the price to continue to increase, but it should soon start a deeper pullback that can drop the price towards the that we highlighted on our chart. At the moment we remain cautious and will avoid any buy setups, even if the price will continue to increase. Without a proper sell setup, we won’t be taking any chances.
1. We suggest waiting for the price to break the orange dashed line, which would be our first confirmation for a possible move.
2. Afterwards we expect the price to pullback, and depending on your strategy you should make a decision in order to go with the trade or not.
This may take some time and it may start developing next week. Do not over-leverage your position and keep the risk small.
If any of the ones mentioned above won’t occur, we kindly recommend avoiding jumping in any trade.
We may witness a break of the upper channel line as the price could continue to increase, but that won’t change the structure that we expect to unfold.
Trade with care.
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move